The Portland daily press., 1887-11-17

The Creditors Hold Their Adjourned
Meeting In Boston Yesterday.
A Proposition to Pay Thirty-fIve Cents
on a Dollar Rejected.
The Firm to be Petltioned Into
Insolvency.

A second meeting of the creditors of
Woodman, True & Co. of this city was held
at the American House, Boston, yesterday
afternoon, with Mr.. Henry Ii. Cleaves of
this city in the chair. After the reading of
the report of the last meeting by Secretary
George w. Cate, Chairman w. G. Davis pre-
sented the report of the investigating COM
mittee. The report is as follows
To the Creditors:
The undersigned, the committee appointed
by the creditors of WOodman, True & CO.,
az a meeting held in Boston on Tuesday, the
Sth day of November 1887, ito examine into
the assets and liabilities of the firm and re-
port thereon" herewith submit the follow
ing report:
Your committee met at Portland on
Wednesday, the 9th day of November, and
proceed to make thorough examination of
the affairs of the firm. All the individual
members of the firm of Woodman. True &
Co. were present, and every facility was Of
fered by them to enable the committee to
carry forward the investigation.
Upon an examination your committee find
that the total liabilities of tie firm according
to the schedules, are slightly In excess of
1857 900; the itemized statements from cred
itors may somewhat increase the liabilities,
but not to any great extent.
The merchandise accounts are a little in
excess of $4,000, and the notes due from
loans, amount to nearly $236,000 There are
taxes due on the property of the firm, which
under the statutes of Maine are preferred
claim, amounting to nearly $l700, and there
are several small accounts due the employees.
There are some $50 creditors of the firm.
We made an examination OF the merchan-
disc and find judicious and well selected
stock OF goods, the principal portion OF the
same in excellent condition and purchased
| at reasonable prices The inventory of stock
amounting to $100,244.15 presented to the
creditors at the last meeting embraces the
| entire stock of merchandise belonging to the
firm. We believe the inventory contains an
accurate account of the stock; the values
put upon the items are in the aggregate just;
that there has been no disposition or attempt
ON the part of the firm to undervalue the
property, and your committee believe 1t
has been and is the purpose of every men,
Der of the firm of Woodman, True & Co., to
give just and honest account to the credi-
tors, OF all the affairs of the co-partnership.
AS to the accounts and notes receivable as
set forth in the inventory, amounting to
| $140,34 81, your committee have made the
most intelligent investigation possible. They
are not what would be termed frst-class;
some of them are practically worthless; 9TH
ers extremely doubtful, while m9ny can
probably be collected by proper diligence
and care, without very great delay.
The debtors OF the firm are scattered over
a great extent of territory, and very many of
the accounts and notes represent small sums.
It Sciltuult u lUlS cIdSSOl dSScJS tllDTdccS
more than nine hundred debtors These ac-
counts and notes vary in amounts; there are
over three hundred of the same that are less
than fifty dollars each there are over five
hundred varying in amount from fifty dol
lars to five hundred dollars each; there are
about thirty accounts that are over five hun
bred dollars and less than one thousand, and
some ten that are in excess OF one thousand
dollars.
Several of the notes enumerated in the in
4 undar fba liam Som finnapt lia tu.
on discount paper" have already gone to
| pl otest and there must necessarily be con-
| siderable liability on the part of the firm on
| account OF such paper which may not be
| paid ut maturity and therefore become di-
rect liability against the firm as endorsers.
Your committee are unable to give an in
| telligent and reliable estimate of the amount
| that can ultimately be realized from this
class of assets; it would be matter of mere
| speculation were we to undertake to do so.
| We place all Of the facts within our knowl-
| edge before the creditors, who are equally as
well qualified to determine the value of this
class Of assets as your committee.
From an examination of the real estate, as
sets and liabilities OF the individual members
of the firm, your committee are of the opin-
ion that no appreciable amount can be real
lied from the individual property owned by
them beyond their individual liabilities, ex-
cept perhaps in the case of Mr.. Seth b. Her
sey; there may be after the payment of his
individual liabilities slight margin. While
the value of his real property as shown by
the schedule is somewhat in excess of his
private liabilities, your committee under
stand that it is subject TO dover, which
would very much diminish the price to be
realized were it offered for sale.
Your committee have conferred with the
firm as to the probability of their being able
to offer a percentage satisfactory to the
creditors and continuing the business.
Your committee understand that Mr.. Wood
man does not feel that his health and
strength will further permit him to engage
| in active mercantile business as member of
| the firm. Mr.. Hersey and Mr.. Webster are
| DESTROYS of continuing the business provided
| the creditors will accept such percentage in
| composition as they feel they would be
| justified in offering and able TO carry out.
| Their proposition to your committee is to
| pay the creditors IS per cent. on a dollar in
satisfaction of their respective claims. They
| were not prepared at the date of our con-
| ference to fix absolutely the terms OF pay
| ment
Your committee, upon full consideration
of the offer, feel that more should be realized
from the assets, and therefore cannot recon-
mend to the creditors an acceptance of the
proposition.
Respectfully submitted,
WILLIAM g. DAVIS.
HENRY b. CLEAvEs,
NJ. w. RICHARDSON,
I'll. T. DICKSON.
November 16, 1887.
After the report had been considered by
the creditors Mr.. Lowell of Boston moved
that the firm of Woodman, True & Co., go
into voluntary insolvency.
Mr.. Clapp amended the motion so that the
firm might increase its offer of settlement to
the creditors. Another gentleman suggested
that 30 per cent would be accepted by the
creditors, and thus amended, Mr.. Clapp's
amendment was passed.
Mr.. Nicholson of West Newton, suggested